The House GOP tax bill unveiled on Thursday would eliminate a tax break that has been regularly used to help finance the construction of new stadiums for professional sports teams.

Bottom line: This new language means that more pro team owners would need to pony up for their own facilities, as it would be much harder to convince state and municipal lawmakers to approve bond packages that are no longer tax exempt. Since 2000, there have been around $13 billion worth of tax-exempt bonds issued for stadium construction.

The new language removes tax exemption for any bonds whose proceeds are used to finance capital expenditures for any facility that is used for pro sports games, training or exhibitions at least five days in a calendar year. This is in keeping with the spirit of the authors of the last major tax reform in 1986, although their actual language created the loophole that today's tax-writers are seeking to close.

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Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.

2 hours ago - World

China bans Cruz and Rubio over Xinjiang criticism

Photos: Graeme Jennings/Pool/Getty Images; Al Drago/Pool/Getty Images

China said Monday that it will ban entry to Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas) over their criticisms of human rights abuses in Xinjiang, the AP reports.

The big picture: The move seems to be retaliatory after the U.S. announced sanctions on four Chinese officials for human rights abuses against Uighur Muslims and other ethnic minorities in the region last week.

Roger Stone says he plans to campaign for Trump

Roger Stone appears yesterday outside his home in Fort Lauderdale. Photo: Johnny Louis/Getty Images

Roger Stone told Axios in a phone interview that he plans to write and speak for President Trump's re-election now that Stone "won't die in a squalid hellhole of corona-19 virus."

"I'm asthmatic," said Stone, 67. "Sending me to a prison where I could not be socially distanced ... would, I think, be a death sentence."